(Adds details, background)
ANKARA, April 25 (Reuters) - Turkish central bank total
gross reserves are expected to have fallen more than $5 billion
to about $116 billion last week due to rising foreign currency
demand as May elections approach, bankers said on Tuesday.
According to the calculations of five bankers, based on data
from the central bank and the sector, the fall in gross reserves
amounted to between $4.8 billion and $6.1 billion last week,
with an average forecast of some $5.4 billion.
The bankers said the forex demand had shown a clear rise
in recent weeks ahead of the May 14 presidential and
parliamentary elections, where President Tayyip Erdogan is
facing the biggest political challenge of his two decades in
power.
The Turkish lira has weakened some 3.1%
against the dollar since devastating earthquakes in early
February. It was slightly weaker at 19.4125 at 0600 GMT.
The central bank data showed that gross reserves, which
are the sum of gold and forex reserves, fell to $121.5 billion
by April 14 from $129.63 billion on Feb. 3.
A clear fall in net reserves was also expected, but not
as big as the fall in gross reserves, according to the
calculations.
The official central bank reserves data for last week
was scheduled to be released on Thursday at 1130 GMT.
(Reporting by Nevzat Devranoglu;
Editing by Daren Butler)
daren.butler.thomsonreuters.com@reuters.net))
